Lean hog futures settled mostly higher Friday as traders adjusted positions before exiting the market for the long weekend. Meanwhile, feeder cattle futures saw sharp losses.
Wide-ranging price swings were seen throughout livestock trade Friday before the long weekend. Markets will remain closed Monday due to Presidents day, and will return to normal schedules Tuesday morning. Hog futures rallied Friday, with April leading the charge as traders covered short positions and distanced prices from long-term support levels. Cattle trade got caught up in the drama of lower feeder cattle futures. Traders have various concerns about trade and outside markets.
From Friday to Friday, livestock futures scored the following changes: Feb LC off $0.75; Apr LC off $0.75; Mar FC off $1.50; Apr FC off $0.68; Apr LH up $4.48 and May LH up $2.05. Cash cattle trade remained generally sluggish at midafternoon Friday. Another round of late-afternoon or evening trade was expected. Bids were hovering in the same pattern as seen the rest of the week, at $122 live and $198 to $200 dressed. Asking prices were not budging, and were holding at $126 to $127 live and $202 to $204 dressed.
The National Daily Direct afternoon hog report was $0.21 lower ($44.50-$48.78, weighted average $48.51) on 4,379 head sold.
Corn futures were mixed in light activity with the March unchanged from Thursday. The Dow Jones Index was 445 points higher with the Nasdaq up 45 points.